Monero (XMR) – Blockchain for Anonymous Transactions

Let’s be completely honest with another. How many time have we thought that our information has been misused by different organizations? These organizations are out there on the internet that been called out for selling data or sometimes caught using their technology (if I may say) spy on us? A lot of moments where these thoughts came. This conversation has taken place a plethora of times. Whether it’s true or not, it is entirely another debate though.

So let’s move to blockchain for a moment. It is a concept that blockchains are anonymous but are they? Yes, the transactions are fast, very safe but anonymous? No, it’s not completely. The addresses are shown of both the sender and receiver and the details about the amount is also shown. With the advanced method of forensics, these addresses can be traced back to their owners. But there are people who don’t like this much information to be shared on the internet too. Monero (XMR) enters the chat here.

What is Monero?

Monero is a network that allows anonymous transactions to happen. As compared to other blockchains that show details about the transactions that include the wallet addresses and the transaction amount, Monero completely hides everything. This has allowed Monero somewhat an upper hand to rival currencies such as Zcash that has different types.

Monero uses different kinds of security measures to make sure that the transactions are completely anonymous. It creates stealth addresses, past transactions as decoy, random chunk creation to make sure that everything goes by their order.

As a result of this brilliant piece of code, Monero has started to be used for illicit and illegal transactions. It has become a main attractions for people who use and provide illegal services. This has resulted in many different bounties to crack the code.

The Native Token (XMR)

The native token of Monero is XMR. At the time of writing XMR is being traded at the price of $266. It has shown a decrease of 1.04% in the past 24 hours. It is listed on 38th spot according to its market cap and holds a dominance of about 0.19%. XMR created its All Time High in May 2021 where it reached a price of $519.1 before dropping and monthly closing at $272.2.

Wallet Investor Predicts the price of Monero (XMR) to reach a level of $413 in one year. After five years, they predict the price to reach a level of $1010.